Vitura

VTR.PA

REIT - Office · Real Estate

Price

€4.30

+0.08 (+1.90%)

Market Cap

€73.3M

Exchange

Euronext Paris

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+2.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 16.7M (2021) → 17.0M (2025)

Winston Score History

The full picture

Vitura is a French real estate company that owns and rents out office buildings. Its customers are businesses that need office space, mainly large corporations and professional firms. The company focuses on the Paris region, one of Europe's most important business centers.

Vitura makes money by collecting rent from tenants who lease its office properties. It operates almost entirely in France, and its portfolio is concentrated in and around Paris, which gives it access to high-demand locations but also ties its performance closely to one market. The main risk the company faces is the ongoing shift toward remote and hybrid work, which has reduced demand for office space across Europe and put pressure on occupancy rates and property values.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-137.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

58.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€870M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Vitura is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

37.4%

Modest — 37.4% gross margin

Profit after running costs

Operating Margin

43.0%

Excellent — 43.0% operating margin

Return on the money invested

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+9.0%

Steady sales growth (+9.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

7.7%

Modest free cash flow (7.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

2.85

Heavy debt load (2.85)

Covers its interest

Interest Cover

0.94x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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